Freshfields Bruckhaus Deringer has advised CITIC Limited on the sale of its Chinese residential property assets to China Overseas Land & Investment Limited.

Upon completion of the transaction, CITIC will hold approximately 10% of the entire issued share capital of China Overseas and certain assets owned by China Overseas. The transaction is estimated to be approximately RMB31bn (US$4.8bn) in value.

The transaction remains subject to shareholder and regulatory approvals.

CITIC is one of China’s largest conglomerates with a broad range of businesses including financial services, resources, real estate and infrastructure. China Overseas is one of China’s leading property developers.